Lucid's stock rallies as luxury EV maker narrows its loss

Dow Jones

26 Feb

MW Lucid's stock rallies as luxury EV maker narrows its loss

By Claudia Assis

Lucid also announces CEO transition

Shares of Lucid Group Inc. shot up 6% in after-hours trading Tuesday after the luxury EV maker narrowed its quarterly loss and announced a CEO change.

Lucid (LCID) said it produced 3,386 vehicles in the fourth quarter and 9,029 vehicles in 2024, in line with its 2024 guidance of 9,000 vehicles.

Fourth-quarter revenue hit $234.5 million, ahead of FactSet consensus for $214.1 million. The company's adjusted net loss for the quarter came in at 22 cents a share, versus expectations of a loss of 25 cents a share.

Lucid said that it appointed Chief Operating Officer Marc Winterhoff as its interim chief executive, and CEO Peter Rawlinson will serve as a technical advisor to the board chair, stepping aside as top executive.

This is a developing story, and it will be updated.

-Claudia Assis

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

February 25, 2025 16:18 ET (21:18 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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